ABSTRACT
Nigeria emerged from colonial rule with little technological know-how. This
attributed to the fact that the colonial masters made no attempt at laying
foundation for acquisition of the know-how required to build the economy.
Despite this, the Nigerian economy has greatly evolved and is now termed the
fastest growing economy in Africa. This is due the fact that they have developed
skills and procedures so that businesses and organizations can prosper. Inn
relation to banks, before the 2005 consolidation exercise so many individual had
little or no faith at all in these financial institutions as some kept on folding out.
How ever the consolidation process endorsed by the Central Bank of Nigeria
was see and considered a savior to the economy. The banks later developed
schemes and strategies to grow and face their competitors without crumbling;
one of such schemes being the thorough function of the internal auditing
department. This research reviews the roles and functions played by the internal
audit department in organizations.
It is therefore unavoidable to talk of the role
of the internal audit department without relating to the views of the staff who
work in such a department in any organization. Three firms in the same industry
(the banking industry were thus selected) and questionnaires were issued to the
members of staff working in this department. This project therefore focused on
the importance of the existence of an Internal Auditing Department in any
organization. It high lights some problems faced by banks and how the IAD
could assist them in combating these problems
Chapter three dwelt on the research methodology employed in the study. I
discussed the various sources data used, the sample from which information was
sought and the reasonability of using such samples. Chapter four provide
presentation and analysis of data collected and testing of research hypothesis.
Finally Chapter five summarized the findings of the research and offers
recommendations and conclusion.
